BFZ Form 4: Sales of 72,550 and 27,450 Shares at ~$10.60

Saba Capital Management, L.P. and individual reporting person Boaz Weinstein filed a Form 4 disclosing non-derivative sales of BlackRock California Municipal Income Trust common stock.

Rhea-AI Filing Summary

Saba Capital Management, L.P. and individual reporting person Boaz Weinstein filed a Form 4 disclosing non-derivative sales of BlackRock California Municipal Income Trust common stock. The filings show a sale of 72,550 shares on 08/07/2025 at $10.61 and a sale of 27,450 shares on 08/08/2025 at $10.58. After these transactions the reporting persons are shown as indirectly beneficially owning 3,902,195 shares.

Insights

Financial Analyst

TL;DR: Insiders reported two open-market sales totaling 72,550 and 27,450 shares; substantial indirect ownership remains at 3,902,195 shares.

The Form 4 shows two discrete non-derivative dispositions executed on successive days at prices of $10.61 and $10.58. The filings indicate these sales reduced the direct holdings reported but left a large indirect stake of 3,902,195 shares. There are no derivative transactions disclosed on Table II, and the form is signed by the reporting persons, indicating a timely, compliant disclosure. Impact is neutral from a fundamentals perspective because the filings disclose sales but retain significant ownership.

Corporate Governance Expert

TL;DR: Director and reporting firm disclosed routine sales and maintained substantial indirect ownership; documentation shows proper Section 16 reporting.

The Form 4 identifies Saba Capital Management, L.P. and Boaz Weinstein as reporting persons with the relationship marked as Director and 10% owner. Transactions listed are non-derivative sales on 08/07/2025 and 08/08/2025 with explicit share counts and prices. Table II contains no derivative activity. The form includes signatures and dates, which satisfy filing formalities. Governance implications are limited by the lack of additional explanatory detail in the filing.

Insider Trade Summary

Net Seller: 100,000 shares

Net Sell 2 txns

Insider Saba Capital Management, L.P., Weinstein Boaz

Role 10% Owner | 10% Owner

Sold 100,000 shs ($1.06M)

Type	Security	Shares	Price	Value
Sale	Common Stock	27,450	$10.58	$290K
Sale	Common Stock	72,550	$10.61	$770K

Holdings After Transaction: Common Stock — 3,902,195 shares (Indirect, -)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions were reported for BFZ in this Form 4?

The Form 4 discloses non-derivative sales of 72,550 shares on 08/07/2025 at $10.61 and 27,450 shares on 08/08/2025 at $10.58.

Who filed the Form 4 for BFZ?

The filing lists Saba Capital Management, L.P. and individual reporting person Boaz Weinstein as the reporting persons.

How many shares do the reporting persons beneficially own after the reported transactions?

Following the reported transactions the filing shows the reporting persons indirectly beneficially own 3,902,195 shares.

Were any derivative transactions reported on this Form 4 for BFZ?

No. Table II in the Form 4 shows no derivative securities acquired, disposed of, or beneficially owned.

When were the Form 4 transactions executed and signed?

The transactions were executed on 08/07/2025 and 08/08/2025, and the form is signed with dates of 08/11/2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/11/2025 - 09:14 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST [ BFZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/07/2025		S		72,550	D	$10.61	3,929,645	I	-
Common Stock	08/08/2025		S		27,450	D	$10.58	3,902,195	I	-

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Saba Capital Management, L.P.

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Weinstein Boaz

(Last) (First) (Middle)

405 LEXINGTON AVENUE

58TH FLOOR

(Street)

NEW YORK NY 10174

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

	Saba Capital Management, L.P. By: Zachary Gindes	08/11/2025
	Boaz Weinstein	08/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.